FINANCIAL INDUSTRY AND REGULATION

Alts Market Projected to Keep Growing Through 2029: Research and Markets notes that the “Alternative Data Market - Global Outlook & Forecast 2024-2029" report says the alternative data market was valued at $6.27 billion in 2023, and is projected to reach $79.23 billion by 2029, rising at a compound annual growth rate of 52.6%.

Survey Reveals Alt Advisor Trends: Wealth Management reports that advisors are gravitating to model portfolios and evergreen funds when allocating to alternative assets and are increasingly looking for a single-platform solution to manage these investments, according to the third annual survey conducted by alts tech platform CAIS and Mercer, a wealth management and financial planning business.

Morgan Stanley Hit by $15 Million SEC Fine: The DI Wire reports that the Securities and Exchange Commission has ordered Morgan Stanley to pay $15 million for failures that allowed four of its former advisors to misappropriate millions of dollars from advisory client and brokerage customer accounts.

Trump Pick Atkins Opposes SEC Climate Rule: Politico reports that President-elect Donald Trump’s choice to lead the SEC, Paul Atkins, has been a vocal critic of the financial regulator’s climate change proposal, saying the new rule would burden publicly traded businesses.

Appeals Court Tosses Nasdaq Diversity Rules: Reuters reports that a U.S. appeals court on Wednesday ruled that Nasdaq could not impose SEC-approved rules designed to increase diversity in corporate America by requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not.

Crenshaw SEC Re-Nomination Delayed: BNN Bloomberg reports that Democrat Caroline Crenshaw’s nomination to serve another term as an SEC commissioner was postponed Wednesday by a Senate committee, raising the possibility of a three-person, all Republican SEC in the early months of the new administration.

POLICY AND LEGISLATION

David Sacks Named Crypto Czar: The Wall Street Journal reports that Donald Trump has appointed venture capitalist David Sacks as the White House AI and Cryptocurrency Czar, a new position aimed at boosting these industries. Sacks will also lead the Presidential Council of Advisors for Science and Technology.

Former Rep. Billy Long to Run IRS: InvestmentNews reports that Donald Trump has announced his intent to nominate former congressman Billy Long as the next commissioner of the Internal Revenue Service, signaling a potential shift in leadership and policy direction at the tax agency.

CFPB Facing Rocky Future Under Trump: The Hill reports that the Consumer Financial Protection Bureau (CFPB) is headed for a rocky future under President-elect Trump, whose Administration will likely take steps to curb CFPB’s power and regulatory agenda.

Ferguson Picked to Chair FTC: The Wall Street Journal reports that President-elect Trump named current Federal Trade Commission member Andrew N. Ferguson to be its next chair Tuesday while also picking attorney Mark Meador, a former deputy chief counsel to Sen. Mike Lee (R-UT), to be the FTC’s third Republican member.

Thune Predicts Tax Change Bill by Summer: Politico reports that incoming Senate Majority Leader John Thune (R-SD) said he’s eyeing a sweeping tax policy package by summer but conceded it will take some time to reach agreement on changes to the complex code.